ASIC secures Court order for winding up First Mutual Private Equity

The Federal Court of Australia has ordered the winding up of First Mutual Private Equity Pty Ltd and an unregistered managed investment scheme operated by the company and its director, Gregory Raymond Cotton. The order follows an application by the Australian Securities and Investments Commission (ASIC). The court appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators.

ASIC stated its application aimed to facilitate the orderly administration of remaining assets, identify available funds, and return them to investors where possible. The regulator said the action was taken to protect both current and potential investors. The liquidators will now take control of the company, identify and recover assets, assess claims, and distribute any available funds to creditors and investors.

This appointment of liquidators replaces previous court orders that had appointed receivers and frozen assets. ASIC's investigation into First Mutual and Mr. Cotton remains ongoing. The regulatory action began in August 2025 when ASIC commenced proceedings to freeze the bank accounts of Mr. Cotton and First Mutual to safeguard investor funds. Receivers were later appointed to investigate the financial position of the business, including the amount of money received from investors and how it was used. The final winding up order was made on 13 July 2026.